![]() It’s important to note that this can apply to small gambling winnings as well. While some might see winning the lottery as a good thing, it can have serious tax implications you will need to be aware of, especially during tax time. This means less winnings for you in the end. Our state actually has one of the highest tax rates on lottery winnings, which is 6 percent. Unfortunately, Georgia is not one of these states. If your winnings are at least 300 times greater than the initial wager, you will be required to pay a backup holding, which is an additional 28 percent paid back to the federal government come tax time.Īs an article for the Atlanta Journal-Constitution explains, there are only three states at present time that do not tax lottery winnings. According to an explanation sheet on the IRS website, the federal income tax on gambling winnings is 25 percent. In the eyes of the IRS, lottery winnings are considered income and therefore must be taxed. But is winning an enormous Powerball jackpot really all sunshine and rainbows, as the old adage suggests? If you consider how much your winnings will be taxed, the answer might be no. Many see winning the jackpot as their way of finally stabilize their finances while others see it as an excuse to retire early. ![]() Prices, maximum payouts, odds of winning and themes vary. Though it’s only in the millions now, just a few short months ago that number had climbed to $1.5 billion, making it a rather enticing payday for a majority of people. The Georgia Lottery has 39 instant win Diggi Games that look and function similarly to scratch-off tickets bought in-person with the exception being these are all played online. ![]() ![]() We’ve all passed the billboards or heard stories on the local news channels about the growing Powerball jackpot. ![]()
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